On January 1, 1999, the euro was launched with eleven members and it instantly became the second most important currency in the world. It may prove to be the most important event in the history of the international monetary system since the dollar took over from sterling the role of dominant...

Lecture on "The International Monetary System at the Beginning of the New Millennium" given at Hanyang University, Korea.

Paper prepared for the "Conference on Leadership and Nation Building" sponsored by the Emirates Center for Strategic Studies & Research, Abu Dhabi, UAE, 5-7 November 2000.

Mundell's role in the development of the international macroeconomic model and influences from his predecessors and contemporaries. Closing remarks cover some limitations of the model and opportunities for its use in the future.

Manuel Guitian Memorial Lecture, International Monetary Fund, February 8, 2001.

The introduction of coinage marks an important innovation in the history of money and a transition in the development of civilization itself. Sometime in the first millennium BC, coinage was invented, probably in Asia Minor, and it rapidly spread throughout the Mediterranean area. Tradition...

This paper reviews the unconventional U.S. monetary policy responses to the financial and real crises of 2007-09, divided into three groups: interest rate policy, quantitative policy, and credit policy. To interpret interest rate policy, it compares the Federal Reserve's actions with the...

We investigate in this paper the theory and econometrics of optimal matchings with competing criteria. The surplus from a marriage match, for instance, may depend both on the incomes and on the educations of the partners, as well as on characteristics that the analyst does not observe. The...

The dynamic stochastic general equilibrium (DSGE) models that are used to study business cycles typically assume that exogenous disturbances are independent autoregressions of order one. This paper relaxes this tight and arbitrary restriction, by allowing for disturbances that have a rich...

This paper surveys the research in the past decade on imperfect information models of aggregate supply and the Phillips curve. This new work has emphasized that information is dispersed and disseminates slowly across a population of agents who strategically interact in their use of information....